Wolves substitute Colin Cameron scored a dramatic last-gasp equaliser.
Cameron scored a dramatic goal
Kenny Miller put Wolves in front but Matt Jackson equalised with a header and Nathan Ellington put Wigan ahead with a drilled strike from 20 yards.
Miller saw his penalty saved by John Filan after David Wright fouled Seyi Olofinjana but the Scot eventually headed Wolves level.
Jason Roberts was fouled by Joleon Lescott and converted from the spot before Cameron's late 18-yard drive.
Wigan boss Paul Jewell:
"It might turn out to be a good point but it doesn't look one yet.
"We're very disappointed and I'm upset and angry because we have set our standards yet conceded three goals.
"We are winners and we're hurt that we haven't won. I would imagine Dave Jones is delighted with a point but we have to get back to work tomorrow and start defending better again."
Wolves boss Dave Jones:
"We have climbed a mountain again but we can't keep doing that. We're making too many individual errors and have forgotten how to go on and win a game.
"We were in charge of the game at 1-0, then showed ill-discipline.
"Kenny Miller has done his job for me by scoring twice but a penalty is a big chance and we have to be taking those. I would like someone else to take the kicks from now."
Wolverhampton: Jones, Naylor (Cooper 59), Craddock, Lescott,
Clyde, Miller, Ince, Olofinjana (Cameron 85), Newton,
Seol (Sturridge 85), Cort.
Subs Not Used: Oakes, Clarke.
Goals: Miller 15, 65, Cameron 90.
Wigan: Filan, Baines, Jackson, Breckin, Wright, McCulloch,
Frandsen, Bullard, Teale (Eaden 63), Ellington (Thome 87),
Subs Not Used: Graham, Walsh, Mahon.
Booked: Breckin, Jason Roberts.
Goals: Jackson 23, Ellington 28, Jason Roberts 75 pen.
Ref: P Walton (Northamptonshire).